Builders woo buyers with discounts, gifts

THANE: With a view to cash in the property market fluctuations, developers in Thane are going all out to entice buyers. Anticipating high demand, many developers have either launched or announced new projects, along with discounts and gifts.

A 770 sq ft two bedroom-hall-kitchen (BHK) apartment near Balkum in Thane by Runwal group is offering no EMI or interest payment for the next 24 months after making the initial 20% payment of the flat. Dosti Group, which launched two new projects, is offering i-phone 5S with Mac notebook or 40 grams of gold to prospective buyers. Others like Wadhwa Group are offering zero service tax while Siddhi Group is offering two air-conditioner and a semi-modular kitchen in their projects. Some like Rustomjee Group are giving flats under the 20:80 scheme wherein the 80 per cent is paid by the bank as per construction. Mehta Group is offering a 32-inch LED TV and one-ton split AC free with every booking, while Raunak Group is offering to pay service and value added tax on the buyers behalf.

Deepak Goradia, managing director of Dosti Group, said, "People waiting on the sidelines for a price correction are coming back to buy real estate. But, the prices are expected to move further up from next month as interest rates zoom and this is driving the demand. The gifts and financial incentive will help a prospective buyer get the right property along with lucrative deals."

The fact that the Mumbai suburb, too, is becoming increasingly unaffordable was made evident at the ongoing four-day property exhibition organised by the Thane unit of the Maharashtra Chamber of Housing Industry (MCHI)-Confederation of Real Estate Developers Association of India (Credai).

A host of builders are offering one and 2BHK flats, many located at a distance of 5 km to 10 km from the station. Most of the apartments on offer were 2BHKs, costing no less that Rs 89 lakh each. A prominent builder was offering a 2BHK apartment for a steep price of Rs 2.36 crore, in a soon-to-be launched project.

Apartments with price tags below half a crore were scarce at the exhibition. Jitendra Mehta, secretary of Thane unit of MCHI-Credai, said, "Properties in Thane offer the same amenities as projects in Borivli or Goregaon but at a much lower rate. There is a difference of not less than Rs 4,000 a sq ft.''

The rates in Thane are a whopping Rs 7,000 per sq ft. Considering that the smallest house built in Thane has a minimum area of 1,000 sq ft, almost all Thane lodgings will cost you a over half a crore or more.

Latest Realty News

MUMBAI: Failing to find a buyer for its entire office building in suburban Mumbai for Rs 315 crore over the last six months, Standard Chartered Bank is now offering the option of partial sale on a floor-wise basis to woo buyers.

PUNE: While the residential real estate market of Pune is going through a definite slowdown, the office space market is experiencing a veritable windfall. As per the latest reports of CBRE Commercial Real Estate Services, of the 7.3 million sq ft of office space supply in the Indian market in the fourth quarter of 2013, Pune saw an addition of 2 million sq ft.

MUMBAi: In India, the concept of branded luxury homes is only two or three years old. Growth of this segment could be pegged at roughly 5-6 per cent per annum, owing to the fact that it is a very exclusive niche category with a restricted number of buyers.

MUMBAI: Inspite of all the infrastructural delays in Ulwe, there seems to be a golden opportunity in this climate of subdued sentiments. Let me try to substantiate the rationale behind this line of reasoning:

NAGPUR: After revenue collection scam, Nagpur Municipal Corporation (NMC) property tax department has been hit by an assessment scandal. Of total 26 units, the officials of NMC Dharampeth Zone assessed only three units 10 years ago, forgetting to assess the sprawling Naivedyam Hall and 22 shops in Nagpur Improvement Trust (NIT) complex at Ambazari. Now, the property tax of only the hall has been assessed at Rs 1.09 crore, with the process of assessing the remaining shops in progress.

THANE: The Thane real estate industry has finally something to cheer about. The Thane Municipal Corporation (TMC) has at last received a project proposal from one of the many defunct industries that has been lying idle for over a decade.

NASHIK: The Nashik Muncipal Corporation (NMC) is planning to impose a new tax on advertisement displayed on private properties and on vehicles. The issue is to come up for decision at the general body meeting (GBM) on Friday.

DELHI: Delhi-based real estate developer Unitech is looking at selling two hotel properties in the national capital region (NCR) and around 30 acres of land parcels in south India, which totally could fetch the company close to R1,000 crore, said an industry source.